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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income   $ 55,582 $ 38,866
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation   4,039 3,619
Provision for credit losses $ 11,200 7,534 8,284
Stock-based compensation expense   1,626 1,296
Deferred compensation expense accrued   2,674 1,939
Gains on other real estate owned, net   (89)  
Amortization of premiums on securities, net   736 575
Caplet amortization   414 462
Fair value (gain) loss on derivatives (432) 344 (1,338)
Securities losses, net   451  
Loans originated for sale   (36,241) (53,057)
Proceeds on sales of loans   34,556 60,235
Gains on sales of residential real estate loans (809) (812) (1,302)
Gains on sales of government guaranteed portions of loans   (30) (19)
Losses on sales and disposals of premises and equipment   26 60
Amortization of intangibles 787 1,531 1,280
Accretion of acquisition fair value adjustments, net   (962) (1,813)
Increase in cash value of bank-owned life insurance   (1,545) (696)
Increase in other assets   (23,883) (19,837)
Decrease in other liabilities   14,506 15,076
Net cash provided by operating activities   60,457 53,630
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease in federal funds sold   48,145 10,220
Net (increase) decrease in interest-bearing deposits at financial institutions   (98,887) 38,044
Proceeds from sales of other real estate owned   283  
Activity in securities portfolio:      
Purchases   (60,387) (134,700)
Calls, maturities and redemptions   69,754 18,111
Paydowns   8,410 24,166
Sales   30,556 111,375
Activity in restricted investment securities:      
Purchases   (3,177) (22,514)
Redemptions   13,690 2,159
Net increase in loans/leases originated and held for investment   (244,679) (314,744)
Purchase of premises and equipment   (4,730) (23,965)
Proceeds from sales of premises and equipment   445 50
Net cash acquired from acquisition     144,973
Net cash used in investing activities   (240,577) (146,825)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposit accounts   622,503 (178,688)
Net decrease in short-term borrowings   (127,780) (2,730)
Activity in Federal Home Loan Bank advances:      
Term advances   135,000  
Net change in short-term and overnight advances   (415,000) 385,000
Prepayments     (16,000)
Payment of cash dividends on common stock   (2,023) (1,874)
Proceeds (payment) from issuance of common stock, net   467 (193)
Repurchase and cancellation of shares   (8,686) (37,431)
Net cash provided by financing activities   204,481 148,084
Net increase in cash and due from banks   24,361 54,889
Cash and due from banks, beginning   59,723 37,490
Cash and due from banks, ending 92,379 84,084 92,379
Supplemental disclosure of cash flow information, cash payments (receipts) for:      
Interest   78,966 13,779
Income/franchise taxes   1,031 (190)
Supplemental schedule of noncash investing activities:      
Change in accumulated other comprehensive income (loss), unrealized gains (losses) on securities available for sale and derivative instruments, net   2,989 (51,626)
Transfers of loans to other real estate owned   61 150
Decrease in the fair value of back-to-back interest rate swap assets and liabilities   (7,442) (131,410)
Dividends payable   1,003 1,059
Transfer of loans to loans held for sale   291,050  
Measurement period adjustment to goodwill   $ 1,420  
Fair value of assets acquired:      
Cash and due from banks 171,844   171,844
Interest-bearing deposits at financial institutions 17,134   17,134
Securities 143,017   143,017
Loans receivable, net 801,697   801,697
Bank-owned life insurance 32,100   32,100
Premises and equipment, net 16,257   16,257
Restricted investment securities 2,220   2,220
Other real estate owned 55   55
Intangibles 10,264   10,264
Other assets 23,685   23,685
Total assets acquired 1,218,273   1,218,273
Fair value of liabilities assumed:      
Deposits 1,076,573   1,076,573
FHLB advances 16,000   16,000
Subordinated debentures 19,621   19,621
Junior subordinated debentures 10,310   10,310
Other liabilities 15,225   15,225
Total liabilities assumed 1,137,729   1,137,729
Net assets acquired $ 80,544   80,544
Consideration paid:      
Cash paid     26,871
Common stock     117,214
Total consideration paid     144,085
Goodwill     63,541
Net cash paid     $ 144,973